PSE Circular for Brokers No. 2045-98

September 3, 1998 PSE CIRCULAR FOR BROKERS NO. 2045-98 September 2, 1998 PHILIPPINE STOCK EXCHANGE, INC. DISCLOSURE DEPARTMENT Listings & Disclosure Group Philippine Stock Exchange Center Exchange Road, Pasig City RE : Convertible Preferred Shares Gentlemen : This is with reference to the rationale behind the amendment of the terms and conditions of Swift Foods, Inc.'s Convertible Preferred Shares previously disclosed to PSE. The amendment was on the revision of the commencement of the conversion exercise period from the " beginning of the third year up to the end of the fifth year" to "immediately after the Offer Period up to the end of the fifth year". LibLex The amendment is intended to provide the preferred shareholders with better terms in view of the current depressed stock market situation. With the disclosure of the possible delisting of the shares of stock of Swift, this amendment will further allow & consolidation of the listed shares of Swift into one classification thereby simplifying the procedure for the planned delisting. Further, please be informed that the 16 September 1998 scheduled special meeting of the stockholders of Swift called for the sole purpose of approving the above-cited amendment will not materialize due to lack of time. We will advise you in due time of the new schedule. Thank you. Very truly yours, (SGD.) CRISTINA D. REYES